Were you the victim of former Tradespot Markets Inc. broker Mark Beloyan (CRD# 1392748)? He was registered with Tradespot Markets Inc. in Davie, Florida, from 1992 to 2021. He acted as the firm’s President, Chief Operating Officer, Chief Compliance Officer, and owner. As compliance officer, he was responsible for the firm’s supervision and compliance with FINRA rules and the federal securities laws.
In May 2021, FINRA opened an investigation related to failure of AML compliance program failure to establish, maintain and enforcement supervision systems.
In September 2022, FINRA named him in a complaint alleging that he “facilitated the liquidation of shares of common stock of a company to the investing public” when there was no registration statement filed. According to his Brokercheck, “The complaint alleges that Beloyan was a necessary participant and substantial factor in the sale of the common shares on behalf of the customers because, among other things, he opened all of the customer accounts, reviewed and approved all of the deposits of the company, executed all of the sales through Beloyan’s former member firm, served as the registered representative for the customers’ accounts, and was solely responsible for all supervision and compliance functions at the firm.” Furthermore, it was found that he failed to “investigate red flags of violative activity and failed to conduct due diligence sufficient to determine that the sales of shares of the company through the firm were registered or, if not, were exempt from registration… the SEC had twice sued a person in connection with unrelated penny-stock manipulation schemes. When the firm’s clearing firm asked directly about the relationship of the person to the second nominee customer, Beloyan misrepresented the nature of the relationship and denied the person’s involvement in the account despite both Beloyan, and the representative having taken instructions directly from the person in the opening and funding of that account. In addition, the complaint alleges that Beloyan misled the clearing firm.” The complaint was related to the offering of a penny stock. According to FINRA, the complaint was related to Supernova Energy, Inc.
Mark Beloyan Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
November 2021. “Former client alleges churning and quantitative unsuitability, qualitative unsuitability, failure to supervise, breach of fiduciary contract, negligent misrepresentation and standards of commercial honor and principals of trade. These claims are from 2014, 2015 and first first quarter of 2016. For the most part, Mr. Beloyan was not the broker on the account. In Mr. Beloyan and the firm’s opinion, they did nothing wrong. In addition most of these trades are outside the 6 year window and the 4 year statute of limitation of Florida. Mr. Beloyan denies all the allegations.” The customer is seeking $103,366.26 in damages and the case is currently pending. The complaint was related to common and preferred stock losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Tradespot Markets Inc. may be liable for investment or other losses suffered by Mark Beloyan’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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